ISLAMIC ECONOMIC SYSTEM Essay - 910 Words

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ISLAMIC ECONOMIC SYSTEM

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Definition of Economics
A. Ibnu Khaldun’s Definition
Economics is the study of humankind’s civilization and human association. It also refers to activity related to humankind’s livehood, its development, progress and prosperity. The economic problem resides in efforts spent by people to obtain earnings that they used to satisfy their needs and necessities, for refinements and luxuries, and for acquisition and possession. Hence we can conclude that Economics is the study of human efforts in obtaining resources and using them, through exchange, for the fulfillment of necessities, needs and refinements as well as for the purpose of acquisition. What is Islamic Economic System?

Several definitions of Islamic economics are ventured by Muslim Economist : A. Hasanuz Zaman
Islamic economic system is the knowledge and application of injuction and rules of the Shari’ah that prevent injustice in the acquisition and disposal of material resources in order to provide satisfaction to human beings and enable them to perform their obligations to Allah and the societies. B. Zaidan Abu al Makarim

Islamic economic system is the sciences that deal with wealth and its relation to man from the point of view of the realization of justice in all forms of economic activities. C. M. Akram Khan
Islamic economic system is the study of human falah achieved by organizing the resources of earth on the basis of cooperation and participation. In conclusion, Islamic economic system identifies a study of human behavior with regard to acquiring and using resources for the satisfaction of necessities, needs and other desires. This study is based on the assumptions of the Islamic paradigm. Methodology of Elaborating Islamic Economic System

The Islamic economic system is derived from the Qur’an and Sunnah .The Qur’an, as it is well known, does not devote special sections or chapters to any single issues or aspect of life. As for the Sunnah, the sayings and the actions of the Prophet are sorted, in the books of collections. The job of Muslim economist who attempt to discover the Islamic economic system and puts it pieces together is to through the Qur’an and Sunnah, determine those texts that are relevant to the subject and make a coherent composite out of them. Discovering the Islamic Economic System

Traditional Islamic concepts having to do with economics included: Zakat- The "taxing of certain goods, such as harvest, with an eye to allocating these taxes to expenditures that are also explicitly defined, such as aid to the needy." Gharar- "The interdiction of chance, that is, of the presence of any element of uncertainty, in a contract (which excludes not only insurance but also the lending of money without participation in the risks)." Riba- "Referred to as usury (modern Islamic economists reached consensus that Riba is any kind of interest, rather than usury. Characteristic of Islamic Economic System

I. Alliance with shariaah.
II. Lies on the rule specified by the shariaah namely of the codification of injuction given by the Holy Quran and traditions of Prophet Muhammad. III. Based on equality.
IV. Ensure every individual has equal access to natural resources and means of livehood. Second, everyone has equal opportunity to use the resources included education, skills and technology. Third, the market is based on the rule of justices that is authority ensures equal proportion in exchange V. Property rights.

VI. Allah is the owner of the whole land individual has been given the rights of the possession as a trust. VII. System of Zakat.
VIII. The poor and needy have a claim to be sustained by the society. IX. Interest free economy.
X. The Quran prohibits strongly the payment and receipt of interest (riba). XI. Taxation system (Jizyah1, Ushr2, Kharaj3).
XII. Currency.
XIII. Currency in the pure Islamic state can only be based on gold and silver. Thus, it will be of real value itself, providing stability in the... Show More

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